INTERNATIONAL TRADE

This study evaluates the performance of international trade and its contribution to economic growth in Nigeria over a 34-year period (1990- 2024), utilizing annual time series data and the Ordinary Least Squares (OLS) estimation technique. The research addresses the persistent challenge of why Nigeria has struggled to achieve significant economic growth despite its participation in global trade and the implementation of an Export-Led Growth (ELG) strategy. The key objective was to examine the impact of export trade, import trade, and Foreign Direct Investment (FDI) on the Real Gross Domestic Product (RGDP). The empirical results established that international trade exerts a mixed influence on Nigeria’s economy. The findings revealed a statistically significant positive relationship between import trade and economic growth, suggesting that the importation of productive capital goods and raw materials is crucial for enhancing domestic production capacity. Similarly, Foreign Direct Investment (FDI) had a significant positive impact on economic growth, underscoring the value of a favorable investment climate. Conversely, export trade exhibited a negative and statistically insignificant effect on economic growth, which is primarily attributed to Nigeria's overreliance on crude oil and a weak, undiversified export structure.

This study examines the impact of monetary policy on international trade in Nigeria using Ordinary Least Squares (OLS) regression analysis. The study employs key monetary policy indicators, including broad money supply, interest rate, inflation rate, exchange rate, and gross domestic product (GDP), to assess their effects on trade openness in Nigeria from 1981 to 2023. The Engle-Granger two-step cointegration test is applied to determine the long-run relationship between monetary policy variables and trade openness. The findings reveal that in the long run, interest rates and GDP have significant positive effects on trade openness, while money supply negatively impacts trade openness. Exchange rate fluctuations